Minister Bolat: Exports Will Increase During Trump’s Second Term
Minister of Trade Ömer Bolat spoke at the Export Mobilization Summit in Eyüp, where he shared his expectations regarding Turkey’s trade relations, particularly with the United States, under a potential second term of Donald Trump as President. Bolat highlighted key areas of focus, including a reduction in customs duties for Turkish exports to the US, and the lifting of financial pressures on Turkish companies due to sanctions, particularly concerning Russia.
In his speech, Bolat stated, “Expectations for Trump’s second term are high. We are hoping for a reduction in customs duties, especially for steel and textile products. Additionally, Turkish companies and banks are facing significant pressures due to sanctions against Russia, and we hope these pressures will ease or disappear.”
The Minister was joined by key figures, including Çetin Tecdelioğlu, Vice President of the Turkish Exporters Assembly (TİM), Mehmet Ali Kılıçkaya, Director-General of Exports at the Ministry of Trade, and other industry leaders at the summit.
Record Export Attempts in November and December
Minister Bolat also emphasized that Turkey’s export growth continues to break records. “In October, we announced the record export figures for that month during a TİM meeting in Antalya,” Bolat said. “We saw an increase of $23.6 billion, the highest ever October export figure in history. Meanwhile, imports decreased by 7.2%, and the foreign trade deficit shrank by more than 30% compared to the previous period.”
Looking ahead, Bolat mentioned that in the last two months of the year, they aim to surpass last year’s figures of $23 billion for November and December exports. “We are already seeing a 4.5% increase in exports for the first six days of November,” he added. He also highlighted that service exports are performing strongly, further contributing to the positive trade outlook.
Significant Achievement in Reducing Imports
Regarding Turkey’s foreign trade deficit, Minister Bolat noted, “Turkey’s annual trade deficit stood at $77.5 billion in October. A major achievement has been the reduction in imports. Despite the pandemic, the Russia-Ukraine war, and the devastating earthquake, we reduced the foreign trade deficit by $45 billion compared to the previous year.”
Bolat explained that Turkey was able to reduce its import volume by cutting imports by $28.5 billion during the first 10 months of this year. “We decreased our imports from $367 billion last year to $340 billion in the same period. This year, for the first 10 months, our imports stand at $282 billion. The trade deficit has shrunk significantly, and we are offsetting this through a strong surplus in services.”
Suspension of Trade with Israel
Minister Bolat also discussed Turkey’s decision to suspend trade with Israel. He stated that as a result of ongoing tensions and Turkey’s humanitarian efforts for Palestine, trade between the two countries has been suspended. “Since May 2nd, we have completely stopped all exports to Israel and imports from Israel. We are actively supporting the Palestinian people through humanitarian aid and taking a strong stance on the global stage,” Bolat explained.
He emphasized that despite international pressure from Israel’s allies, including the United States and European Union, Turkey remained firm in its decision. “We are not moved by external pressures, and we will continue to support Palestine.”
Expectations from Trump’s Second Term
Regarding the potential outcome of Donald Trump’s second presidency, Minister Bolat expressed optimism for the future of US-Turkey trade. “The United States is an important export destination for us. We foresee $35 billion in trade with the US this year, and it’s a relatively balanced trade relationship,” he noted. “We expect improvements in defense industry cooperation and trade relations, and we hope for reductions in customs duties for Turkish products, especially steel and textiles.”
Bolat also expressed hope that Trump would adopt a more balanced approach to foreign policy, particularly concerning Turkey and the Islamic world, and would ease the heavy pressures on Turkish businesses caused by sanctions on Russia.
430,000 Inspections to Curb Price Gouging
In his speech, Bolat also discussed the Ministry of Trade’s efforts to combat price gouging. “In the first 10 months of this year, we conducted 430,000 inspections, and over 210,000 businesses were penalized for unfair pricing,” he said. “Our ministry’s mission is to enhance both domestic and foreign trade, increase exports, and ensure compliance with sectoral regulations. We are committed to ensuring that businesses adhere to these standards.”
Conclusion: Optimism for Trade Growth under Trump
In conclusion, Minister Bolat reiterated that despite global challenges, Turkey’s exports are set to continue their growth trajectory, especially with expectations of improved trade relations during a potential second term for Donald Trump. He emphasized that Turkey will continue its focus on increasing exports, especially in key sectors such as steel and textiles, and will work to reduce trade barriers for Turkish products in the US market.
Source: Adaptation and translation based on the provided content.
